Prime Minister Shehbaz Sharif announced on Thursday that he will shortly launch a five-year domestic economic program in an effort to strengthen the country’s economy.
Speaking at the Buna-Raast connection project’s inauguration ceremony in Islamabad, the prime minister said that the “Home-Grown Economic Programme” will include steps to boost agriculture, information technology, and other undiscovered industries in order to revive the nation’s economy.
He said that many of the program’s criteria had been decided upon after months of discussion and collaboration with the stakeholders.
Much effort has been put into it. We will complete it by next week or so. I’m going to the people to tell them what the five-year plan is,” he said.
Shehbaz highlighted the difficulties facing the Federal Board of Revenue (FBR) and the power industry while stating that he was personally keeping an eye on the FBR’s digitisation and that the administration was optimistic about the power sector’s reforms’ potential benefits.
“No magic wand exists. It all comes down to hard work, dedication, and sacrifice. “May Allah grant us the ability to reap the rewards of our efforts and secure our position among the nations by persevering towards our goals,” he remarked. “The initiative aims to facilitate financial transactions using modern methods.”
The goal of the Buna-Raast connection initiative is to provide a quick, affordable, and efficient way for millions of Pakistanis living abroad in Arab nations to transfer money home. This will be achieved by linking the Raast payment system with the Arab Monetary Fund’s (AMF) Buna system.
In addition to making the process of sending donations simpler, the prime minister said that this initiative will increase foreign exchange earnings and fortify Pakistan’s existing friendly ties with the Arab world.
He claimed that the initiative will increase the reach of Pakistan’s digital payment infrastructure and referred to it as a significant advancement in the promotion of financial transactions using contemporary methods.
Regarding the Buna-Raast connectivity initiative, he stated that digitisation will contribute to more transparency and a decrease in leakages in the electricity, tax, and remittance sectors.
According to him, the initiative will set the nation on a sustainable course and in good standing with the FATF.
According to Zaidi, the initiative would increase production and improve system efficiency while digitally connecting the economies of Pakistan and the Arab globe.
In addition, as 90% of remittance recipients were women, it will ease the financial situation of families and make it more affordable for individuals to send money.
She believed that the idea would help, especially for female business owners who would be able to sell their products and get paid online.
